M/s NRSKS Mines and Minerals Private Limited filed an Interlocutory Application (IA No.560/2020) in CP (IB) No.420/7/HDB/2019 under Section 60(5) of the IB Code, 2016, against the Resolution Professional of M/s Lanco Amarkantak Power Limited. The applicant sought a declaration that the Resolution Professional's actions of inviting fresh tenders were arbitrary and illegal, and to set aside the fresh tenders. The applicant had existing contracts with the Corporate Debtor for coal transportation, which they claimed were being improperly terminated by the Resolution Professional.
M/s NRSKS Mines and Minerals Private Limited (Applicant) had existing contracts with M/s Lanco Amarkantak Power Limited (Corporate Debtor) for coal transportation. The Corporate Debtor was admitted into CIRP on 05.09.2019, and a Resolution Professional (Respondent) was appointed. The contracts between the Applicant and the Corporate Debtor were valid from 01.04.2019 to 31.03.2020, with a clause for extension to 31.03.2021 based on performance. The Corporate Debtor floated a fresh tender on 21.03.2020 for coal transportation. The Applicant was granted a three-month extension until 30.06.2020. The Applicant filed IA No.560/2020 seeking to prevent the Resolution Professional from inviting fresh tenders, arguing that the existing contracts were still valid. The Resolution
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Corporate Debtor issued…
Corporate Debtor issued…
M/s NRSKS Mines and Minerals Private Limited filed an Interlocutory Application (IA No.560/2020) in CP (IB) No.420/7/HDB/2019 under Section 60(5) of the IB Code, 2016, against the Resolution Professional of M/s Lanco Amarkantak Power Limited. The applicant sought a declaration that the Resolution Professional's actions of inviting fresh tenders were arbitrary and illegal, and to set aside the fresh tenders. The applicant had existing contracts with the Corporate Debtor for coal transportation, which they claimed were being improperly terminated by the Resolution Professional.
M/s NRSKS Mines and Minerals Private Limited (Applicant) had existing contracts with M/s Lanco Amarkantak Power Limited (Corporate Debtor) for coal transportation. The Corporate Debtor was admitted into CIRP on 05.09.2019, and a Resolution Professional (Respondent) was appointed. The contracts between the Applicant and the Corporate Debtor were valid from 01.04.2019 to 31.03.2020, with a clause for extension to 31.03.2021 based on performance. The Corporate Debtor floated a fresh tender on 21.03.2020 for coal transportation. The Applicant was granted a three-month extension until 30.06.2020. The Applicant filed IA No.560/2020 seeking to prevent the Resolution Professional from inviting fresh tenders, arguing that the existing contracts were still valid. The Resolution
…Corporate Debtor issued…
Corporate Debtor issued…